By BJ Austin, KERA News
http://stream.publicbroadcasting.net/production/mp3/kera/local-kera-880546.mp3
Dallas, TX –
A downtown Dallas skyscraper will soon go dark. The 52-story Elm Place Tower is closing. KERA's BJ Austin says when the last of a handful of tenants leave, Elm Place will be the largest empty building in downtown Dallas.
Building managers say occupancy in the gray, glass high rise office building fell to 20 percent last year and continues to decline steadily - costing owners to keep it open.
University of North Texas economist Dr. Terry Clower says it's a sign of the times, with lower employment levels, especially in financial and business services. Bank of America moved out of the building last year. The remaining tenants are now packing up. Clower says it may be difficult for find new life for the 45 year old skyscraper.
Clower: One of the things that we've been seeing in downtown for a number of years now is older office buildings being converted into residential-type of properties. Having said that, I don't know that there's enough demand for residential sites to convert a million square foot of office space.
Clower says downtown Dallas is already struggling with an office vacancy rate of 30% or more. And he adds that the city, with its financial problems, is not likely to offer tax breaks and subsidies to any developer.